Canary Wharf’s iconic HSBC skyscraper is set to undergo a dramatic transformation, shifting from a commercial office block to a vibrant tourist hub.
Under these ambitious redevelopment plans, significant portions of the 1.1 million sq ft tower, colloquially known by some HSBC staff as the “Tower of Doom,” will be removed to create terraces offering spectacular views of London. The revamped lower levels will connect directly to the Elizabeth Line, enhancing accessibility.
This overhaul will commence in 2027 when HSBC vacates the building, following its decision to end the lease amidst the rise of remote working. The banking giant, whose workforce never returned to pre-pandemic levels of around 8,000, announced last year it will relocate to a smaller site near St Paul’s.
The redevelopment, spearheaded by Canary Wharf Group (CWG), aims to transform the area into a “mixed-use neighbourhood” embodying the concept of a “15-minute city,” where residents and visitors can find everything they need within a short distance. Plans include replacing trading floors with theatres, restaurants, hotels, and shops. Shobi Khan, CEO of CWG, highlighted that this initiative is part of a broader strategy to diversify Canary Wharf’s usage.
CWG plans to submit a planning application to the London Borough of Tower Hamlets for approval.
The HSBC tower, once the epitome of high-end office space since Canary Wharf’s inception in 1991, is not the only building to undergo such changes. Post-pandemic, many financial institutions have been downsizing or relocating from the high-rise district to smaller offices in the City of London. Notable departures include Clifford Chance, Skadden, and Moody’s, all opting for the historic Square Mile.
Financial firms remaining in Canary Wharf are also scaling back, with some subletting their office space. Earlier this year, Blackstone cancelled the sale of a £250 million tower, and another office, previously occupied by a casualty of the 2008 financial crisis, sold at a £160 million discount.
Currently, only slightly over half of Canary Wharf’s businesses are in the finance sector, a significant decrease from 70% a decade ago. The latest annual report showed a decline in the value of its office portfolio, dropping from £5.26 billion to £4.34 billion in 2023.
